Shareholders have overwhelmingly voted against pay packages the past two years, but the nonbinding votes have done little to slow the flow of cash from company coffers to executive pockets.

In a filing earlier this week, Nabors outlined a plan in which Petrello would receive $27 million worth of Nabors stocks, $18 million in cash and $15 million in restricted shares in exchange for rewriting his employment contract. The new contract would, finally, tie his pay more closely to company performance.

While it may have been the only way to close the spigot on Nabors’ sordid pay history, it’s yet another insult to the company’s long-suffering shareholders. Nabors shares have tumbled 13 percent on Petrello’s watch.

After years of paying for failure, Nabors investors are once again being forced to pony up, in hopes that they won’t ever have to again.